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December 19, 2007

The Perfect Real Estate Investment VS A Million Monkeys

by

Real Estate Investments Broker

Author website

Dear Real Estate Investor:

Times are tough. Did you think sooner or later they wouldn’t be? Is that why you’re spinning yer wheels searching for the perfect property in the A+ location, priced under the market?

Are ya leaving milk and cookies on the table for Santa next Monday too?

Take a minute and breathe deeply the gathering… Oops, sorry, had a 70’s flashback. Let’s start again.

We’ve all seen investors who’ve been fairly successful. Ever found one with a portfolio acquired only in boom times? Silly question isn’t it? When did they buy, making their biggest long term hits? Wait for it — here it comes — in the down times.

Next, ask them how many perfect properties they own in the best locations possible. The answer to that question, after they stop chuckling, is a big fat zero, zip, nada.

Besides, if you actually found that property, you couldn’t afford it anyway. 🙂

Invest in properties in solid growth areas, where jobs are plentiful and the other fundamentals are in place and for real. Buy them when the times are tough — hey! that’s now. Make sure you can use reasonable leverage with old fashioned loans. Demand they break even or better before tax, and cash flow easily after tax.

Don’t insist on staying local, as your market probably sucks more than a new Dyson. You already know that though, right? So what’s the problem? You think you’re better off being able to drive by your property? Do you wanna drive by mediocre or occasionally fly to excellent and stellar? Is the decision really that difficult?

If this doesn’t come across as written by Captain Obvious — read it again. The differences between highly successful real estate investors and the rest of the crowd makes for a long list. The two biggest differences providing the most profitable impact?

Successful investors don’t need perfect properties — and they buy in buyers’ markets whenever possible, as much as possible.

This isn’t from the third tablet Moses lost on the way down the mountain that day so long ago. Buying in a buyers’ market isn’t a genius Read more

December 19, 2007

What tricks pay off in the searchable universe? Seth Godin argues, “The best way is the long way”

by

Suburban Phoenix Real Estate Broker

Author website

Seth Godin has a new ebook, yours for free. What’s the catch? Getting the value out of it is going to take work.

There’s an enormous amount of superstition about what makes some pages rank high while others languish. When you look at the actual figures, though, much of that fades away.

It turns out that the new playing field enforced by the search engines is eliminating many of the shortcuts that used to be effective. In other words, the best way is the long way.

The long way is to create content that is updated, unique and useful. Again and again we see that sites that do all three manage to get more than their fair share of traffic. So, I guess the title of the ebook is a bit misleading. The clicks don’t cost money, but they do take effort. That’s good news for people who have more talent than cash.

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December 19, 2007

Web 2.0 — Fashion, Fad or What?

by

Incipient Real Estate Broker

Author website

Last week Marcie Geffner, a real estate reporter in Los Angeles, penned an article for Inman News titled, “Web2.0: Where’s the beef?” (unfortunately, now behind Inman’s subscriber wall).

In her article, Geffner points out that, “an overly heavy reliance on blogs, social networking and video as a business strategy is a questionable proposition since no one has demonstrated that Web 2.0 works as a marketing tactic.”

Granted, there has been no large scale study or analysis of the success (or failure) of “Web 2.0” in real estate. I can attest from my personal experience that blogging has resulted in numerous prospects and more importantly clients — ie: closed transactions that resulted in food on the table and shoes on the children. Many other agents reading this have similar experiences.

However, many would also be quick to say, “I’ve blogged my ass off and received nothing.”

Is blogging/Web 2.0 the answer to all real estate agent’s woes? ARDELL, arguably the “Godmother of Real Estate Blogging” is on the record as saying that she believes that “all agents should blog”. Normally Ardell is spot on in her thoughts, but I have to respectfully disagree with her on this. Blogging is not a panacea, nor is it the right tactic for every agent. Yes, blogging’s Web 2.0ness results in transparency, it allows agents to see things from the consumer’s perspective and it is, bar none, the best way for an agent to demonstrate their personality and expertise to the masses. But blogging is hard work. Writing is an excruciating process for many. I happen to love blogging, I’m sick that way, but many people will despise the time and effort it requires.

That doesn’t make them any less an agent than one who does blog. Just as my refusal to door knock, cold call, or “farm” in more traditional methods doesn’t make me any less an agent. We’re just different, with different approaches.

I can’t begin to estimate the number of times I’ve been asked, “how many prospects/clients/closed deals have you got from blogging?” And I can’t answer that question. Yes, I could prove quantitatively SOME of the results. Read more

December 19, 2007

I see dull people…

by

Chicago Broker Owner Realtor | RE 2.0 Blogger

Author website

Okay, it’s my turn.

I generally leave the loftier industry fodder for other, more qualified (if not more committed), real estate bloggers to cull over. I commend visionaries like Greg Swann for single handedly forcing readers across the R.E. Web (okay, me) to look up such words as disintermediation, Quixotism  (just making sure), and even Odysseus, although the latter was only because Dan Green told me he thought it was Latin and I was pretty sure it was Greek. At age 51.5 (I know, I know…I don’t look it) and deteriorating, I think I’m just growing tired of thinking, these days.

There are enough talented writers in this medium, I believe, to address all the cutting edge commentary leaving me free to throw lawn darts and lob softballs at all the easy targets, usually people who didn’t buy a house from me.  But something Kris Berg wrote about recently got me up off my rocking chair to go searchin’ for my literary shotgun…as it were.  I think I’m gonna hunt me some Redfin…if there are any left.

This oddly named varmint (or is it a fish?) is not indigenous to these here parts of Chicago but I do know one thing—I don’t think I like the taste of it. I hear it smells a little gamey, and the presentation is…well, a little like a wolf in sheeps’s clothing for my liking. But most of you already know this. You’ve blogged it onto the endangered (if not protected) species list from what I’ve read. And like I said, I ain’t really seen one up close … just yet.

I have, however, perused everything I could find posted on the company, archived and otherwise; essays, interviews, comments–Ahh, the comments and the commentors of the Blogosphere. Talk Radio doesn’t even hold a candle. It was Redfin’s implied (cleverly discoursed in the second person–‘Uncle Sam Wants YOU!’) mission statement though, that forced me to finally weigh in on the subject, placing reasonable restraint of tongue and pen aside for now.

(sic)

Redfin is an online real estate brokerage that puts you      

in charge of buying or selling your home:

  • We combine listings direct from every broker with data on past sales & days on market.
  • Our local agents guide you on price and negotiate the best deal.
  • Our online tools make the paperwork easy.

You get results, not a sales pitch because our agents are paid on Read more

December 18, 2007

A Bolt From the Blue for the FTC

by

Mega-Producing Realtor

Author website

I have to agree with the FTC ‘s initial action but for all the wrong reasons. And I don’t agree with them now pursuing the case further. A few days ago a Judge bold from the bluedismissed the complaint filed by the FTC against a Detroit area Multiple Listing Service. The position of the FTC was that it was “hurting consumers” for Realcomp to deny brokers using an “exclusive agency listing” the right to be on Realtor.com and other public websites. The brokers who were up against the FTC decided it would be easier to just stop doing it so the judge dismissed the complaint. The FTC officials plan to pursue the case further (making a “Federal case out of it).

From Inman on December 13th:

This policy, which was adopted following the FTC’s complaint against Realcomp and other MLSs, provides an exception that allows MLSs to ban the transmission of listing information if the listed property’s street address or a graphic display of a property’s location is publicly displayed and the seller displays a for-sale-by-owner sign on the property or another sign or notice that indicates that the seller is seeking direct contact from buyers.

Meanwhile, Albert Hepp, a flat-fee broker who serves as president of the American Real Estate Broker Alliance, a national alliance of flat-fee brokers, said he is disappointed with the judge’s decision and NAR’s stance on the issue.

“We are disappointed in the ruling and urge the FTC to appeal,” he said. “Anyone who truly understands the MLS knows that this is a clear-cut case of an MLS hiding the listings of discounters to harm consumer choice. Once again, the NAR has unfortunately chosen to fight competition while claiming to promote it.”

For example, an attachment to the judge’s decision details an agreement by Realcomp and the FTC over a contested “search function policy” adopted in 2003 that defaulted to a search of exclusive-right-to-sell listings and required MLS users to specifically search for exclusive-agency listings to view those properties. That policy was changed in April 2007, and the agreement provides that Realcomp “shall … cease and desist from adopting or enforcing any policy, rule, Read more

December 18, 2007

Unchained melodies: A shitkicker’s syllabus

by

Suburban Phoenix Real Estate Broker

Author website

I am a total sucker for classic shitkicker music. What makes the songs of Leonard Cohen work, as an example, is that they’re so simple musically that there is all the room in the world for the lyric. We listen to a lot of complicated music, but the stuff I love the best isn’t really music at all, it’s literature, a thoroughly modern take on lyric poetry. If you read Horace or especially Catullus — without your high-brow horned-rims on — you’ll understand Tom Petty like never before.

Change of heart:

With Stevie Nicks, Insider:

Here comes my girl:


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December 18, 2007

Unchained gift ideas: Get the most from your Amazon gift certificates

by

Suburban Phoenix Real Estate Broker

Author website

Presumably you’re getting Amazon gift certificates in every new batch of email. We’ve been playing with a lot of music ideas, and here are some of them in easy-to-click, easy-to-own form:

Add links in the comments, if you please. A gift certificate is only a talisman of riches. True wealth consists of knowing what to do with it…

December 18, 2007

See me on TV discussing the science of waxed fruit

by

Suburban Phoenix Real Estate Broker

Author website

No, that’s not quite right. I actually can lecture on the importance of waxed fruit in the production of TV news, but that’s not why I’ll be on the Fox Business Network tomorrow sometime between 10 and 11 am MST.

I don’t think we get it here, but they’ll probably give me a DVD. If they do, I’ll post the video.

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December 18, 2007

Looking Through the Wrong End of the Telescope

by

Real Estate Investments Broker

Author website

This Texas trip has been both productive and instructive in so many ways on several levels. Sitting in a hotel room just a quick shuttle from Dallas’ Love Field, a dead pizza on the coffee table, I’ve been meditating on events of the last three days. I say meditating cuz that’s all I can do with the energy I have left.

The subject came up in a meeting earlier in the day — why some transactions fail. Specifically, why do some fail for reasons unrelated to either objective analysis, actual benefit or harm, or simply cuz one side, sometimes both, begin to care what the other guy’s getting? Though it used to make me crazy, these days I just watch to see how far some folks will go to ensure the other guy fails to get something he wants — as opposed to doing their level best ensuring he gets what he wants.

Here’s an example.

The buyer of a 4 unit property discovers through casual conversation, into what the seller is exchanging. The 4 unit seller is tax deferring his equity, a touch over $200,000, into 8 duplexes in another state. Because the seller’s broker gave the buyer’s agent info on those duplexes at his request, the buyer has also seen the info. No big deal you say?

It shouldn’t be.

The buyer though, sees it as something he’s never been able to accomplish. That guy is getting too much of the pie — or so reasons the buyer. Who really knows what generates this self destructive attitude?

How the hell can this guy take one little property and end up with almost $2 Million of brand new units? Who’d he hafta kill to make that happen?

So during the inspection period of their deal, Buyer decides he’s gonna stick it to Seller as much as he can. After all, he’s the one turning mud into gold, right? Why should he care about a few thousand bucks in unnecessary maintenance?

Buyer proceeds to pile it on, never forgetting how he’s only getting a lousy 4 units and this guy’s somehow secured Read more

December 17, 2007

The Odysseus Medal: Art and omission — when in doubt, leave it out

by

Suburban Phoenix Real Estate Broker

Author website

I have a long-time investor client — he happens to be in town right now — who delivers his most effusive praise by exclaiming, “Outstanding!” I think this is a valuable exhortation of a valuable idea: It denotes appropriate enthusiasm for the most profound kind of excellence. When I selected the short list of Odysseus Medal nominations yesterday, I thought they were all very good. But when I looked them over this morning, there was nothing that made me want to shout, “Outstanding!” In consequence, I’m not awarding the Odysseus Medal this week. The posts are good, unassailably good, but nothing spoke to me of the sublime. Next week we’ll do better, I’m sure.

Gary Elwood wrote a post this week called The 3 Commandments of Online Marketing You Must Obey. I thought it was very good, but I think it was eclipsed by Bill Leider’s What Is A Brand?, winner of this week’s Black Pearl Award:

I believe your Brand is a widely held set of beliefs and expectations about what you deliver and how you deliver it. That applies whether you’re an individual or a multi-national organization. Your Brand is strengthened or weakened by every person in your organization and every function performed that directly or indirectly touches anyone. It embraces things like (and this is not an all-inclusive list):

  • Name recognition
  • Expectations held by the vast majority of people who will or might do business with you about what they can expect from you.
  • The experience(s) that people have when they deal with you. Do those experiences exceed, meet or fall below their expectations.
  • The consistency of many experiences.
  • How you deal with people after the sale: customer service and how you solve problems.
  • How and how well you maintain continuity of relationships with customers and potential customers.
  • The perceived value received for the price paid.

Read both posts, though. They reinforce each other.

The People’s Choice Award this week goes to Chris McKeever for A [HAR]d Lesson:

We are in a period where listings are flying everywhere. You post a listing in one place, it appears on several others. Some you may not even realize you Read more

December 17, 2007

Science versus Religion

by

Realtor, Associate Broker

Author website

My Big Bang Theory is about science colliding with religion, and a lot of noise.

My strike has been temporarily suspended. I got the same advance notice that so many others did of the BIG NEWS this week, but press releases are rarely conveniently timed around my real estate business schedule, so I will chime in late and with benefit of time to contemplate.

Redfin’s latest BIG NEWS was of course about the Second Coming, the first having occurred on 60 Minutes long, long ago. From their blog:

We only worry that the name we’ve given this initiative, “The Real Estate Scientist,” will open us to being mocked. And too, we hesitated to give consumers simple answers due to the complexity of the underlying data… We strove for conclusive answers because we have houses to sell every week, and customers who need straightforward guidance.

I am not in the business of mocking, as you have a pretty solid corner on that market. And that is precisely my objection, my only objection, to your business model – that it is predicated and dependent on convincing a public that your “different” approach is enlightened and studied where mine is one of fly by the seat of my pants, tell the consumer what they want to hear, and hit the streets with nothing but an opinion and a smile.

It is indeed troubling to give simple answers when the data is so complex, but it is much more convenient I suppose. Delivering and interpreting data to support your ongoing argument that every other real estate agent since the beginning of time is too uninformed, addle minded, lazy, or greedy to achieve your level of enlightenment would be so exhausting. That darn science can be just so confusing. Better to just suggest as much, over and over again. Preach long and loud enough, and the congregation will surely take it on faith.

Consumers who have read early drafts of the report overwhelmingly found our recommendations useful and effective. The industry reaction will likely be different. Some will argue that the report substantiates already well-understood tactics, while others will take the exact opposite position, refuting our points Read more

December 17, 2007

Excellence Unchained

by

Realtor, Associate Broker

Author website

I joined the Lake Grove Presbyterian Church choir about nine years ago.  (Geno, chill.  This is a story about excellence, not Bible Boy!)  There was an interim director who led about twenty singers. The assumption of the director, and most of the elder hierarchy in a still dying denomination, was (is) that choirs and classical music are essentially passé, that contemporary music, a rock and roll praise band and ‘Jesus is my girlfriend’ anthems are necessary to put people in the pews. Armed with that assumption, the director aspired to mediocrity and almost succeeded; why put effort into something that’s dying?

I was on the search committee to find a permanent director.  I had concerns about the person we picked – Wendy Bamonte, a wisp of a thirty-something with a terrific cv in instrumental music, but less so in choral.  She was hired, but I took my concerns to the pastor anyway, who took them to Wendy, who called me and said: ‘Let’s talk.’  We did.  It turned out she’s every bit as direct as I am, and out of that, um, lively discussion, developed a friendship that I’ve had with her and her husband since.

Wendy isn’t one who accepts conventional wisdom simply because it’s conventional.  She had (has) a vision:  provided excellence both in the choice of music and its preparation, choirs and classical music aren’t only not dead, but on the cutting edge of the future. No one believed it, of course, but it was nice to have someone passionate about something, as quaint as it seemed.

But she’s been driven from the first year eight years ago.  Interested less in genre than in the excellence of the music, we’ve done everything from baroque to gospel.  She’ll spend two weeks picking exactly the right music for a twelve week sermon series. She has the personality, drive and tact to get the most in the least amount of time out of unauditioned amateurs.  Unlike those who protect themselves from anyone better, she brings in world-class directors for choral workshops.  She’s very, very good at what she does, but still takes the time Read more

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Inventing Real Estate 2.0

Welcome to BloodhoundBlog, the national real estate industry marketing and technology weblog written by, for and about real estate professionals. Better yet, welcome to the wired world of real estate. We are busily inventing Real Estate 2.0 – technology, marketing, service and salesmanship. Like all Bloodhounds, we are smart, frisky and fiercely independent. We've built a spot on the earth – beloved over all – where each one of us can be who we are, no matter who that might be. We are committed to an idea of excellence that will flush the bums, the con-men and the crybabies out of the real estate industry. If you yearn to have your failures excused, your moral lapses absolved or your boo-boos kissed, seek elsewhere. But if you are sick to death of mediocrity – welcome home. Read all about us, subscribe to our feed and steel yourself for the hunt. We work hard, we play hard, we learn everything we can – and we bow to no one.

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